Eligible Servicing Agreement definition
Eligible Servicing Agreement. A Servicing Agreement in respect of which the following eligibility requirements have been satisfied:
Eligible Servicing Agreement means a servicing agreement that meets the criteria set forth in Section 12(c) hereof.
Eligible Servicing Agreement. As of any date of determination, any Servicing Agreement which meets the following criteria:
Examples of Eligible Servicing Agreement in a sentence
To the extent permitted under the Eligible Servicing Agreement, the Seller’s right to remit amounts held for distribution to the related trustee or Investor in a future month on deposit in each Custodial Account, to the related trustee or Investor as part of the Seller’s monthly P&I Advances required under the related Eligible Servicing Agreement.
To the extent permitted under the Eligible Servicing Agreement, the Owner/Servicer’s right to remit amounts held for distribution to the related trustee or Investor in a future month on deposit in each Custodial Account, to the related trustee or Investor as part of the Owner/Servicer’s monthly P&I Advances required under the related Eligible Servicing Agreement.
To the extent permitted under the Eligible Servicing Agreement, the Owner/Servicer's right to remit amounts held for distribution to the related trustee or Investor in a future month on deposit in each Custodial Account, to the related trustee or Investor as part of the Owner/Servicer's monthly P&I Advances required under the related Eligible Servicing Agreement.
More Definitions of Eligible Servicing Agreement
Eligible Servicing Agreement means a Servicing Agreement (including a master servicing agreement, primary servicing agreement or subservicing agreement) that
Eligible Servicing Agreement means, with respect to any Pledged Loan, an agreement pursuant to which the related Servicer is servicing such Loan, that (i) contains customary terms and conditions, including representations, warranties, covenants and events of default, that reflect a negotiated, arms-length transaction; (ii) includes an acknowledgement by the related Servicer that the Department and the Conduit are the intended third-party beneficiaries thereof and entitles the Department, upon the purchase of such Loan by the Department hereunder, to instruct such Servicer and exercise remedies with respect to such Loan serviced thereunder; and
Eligible Servicing Agreement has the meaning set forth in each of the Financing Commitments.
Eligible Servicing Agreement means any Servicing Agreement that meets all of the following criteria:
Eligible Servicing Agreement means, with respect to any Pledged Loan, an agreement pursuant to which the related Servicer is servicing such Loan, that (i) contains customary terms and conditions, including representations, warranties, covenants and events of default, that reflect a negotiated, arms-length transaction; (ii) includes an acknowledgement by the related Servicer that the Department and the Conduit are the intended third-party beneficiaries thereof and entitles the Department, upon the purchase of such Loan by the Department hereunder, to instruct such Servicer and exercise remedies with respect to such Loan serviced thereunder; and (iii) provides that, upon the occurrence of a Put Event with respect to such Loan, such agreement shall automatically terminate with respect to such Loan upon the purchase thereof by the Department, unless the Department otherwise notifies such Servicer as soon as reasonably practicable but not less than five (5) Business Days prior to the Put Date, without any payment by the Department of any de-boarding, deconversion or related costs, penalties or fees to the related Servicer and that the servicing shall be transferred as instructed by the Department.
Eligible Servicing Agreement. Unless otherwise agreed to by the Purchaser, a Servicing Agreement in respect of which the following eligibility requirements have been satisfied:
Eligible Servicing Agreement. A Servicing Agreement that contains customary provisions that enable Advances made by, and Servicing Fees owed to, the servicer thereunder to be eligible for financing in a servicer advance facility, including provisions that (a) expressly authorize such servicer, without the consent of any party thereto and notwithstanding any other limitation set forth therein, to enter into a financing or other facility (an “Advance Facility”) under which such servicer assigns or pledges its rights under such Servicing Agreement to be reimbursed for any or all Advances and Servicing Fees to a lender or a special-purpose bankruptcy-remote entity and/or a trustee acting on behalf of holders of debt instruments or any other Person (any such Person, an “Advance Financing Person”), (b) require the servicer and the Advance Financing Person to notify the related securitization trustee in writing of the existence of an Advance Facility and the identity of the Advance Financing Person, (c) provide that an Advance Facility notice may only be terminated by the joint written notice of the servicer and the related Advance Financing Person, (d) require the servicer to maintain and provide to any successor servicer and the related securitization trustee, a detailed accounting on a loan-by-loan basis as to amounts advanced by, pledged or assigned to, and reimbursed to any Advance Financing Person that are recoverable on a loan-level, (e) require that as between a predecessor servicer and its Advance Financing Person, on the one hand, and a successor servicer and its Advance Financing Person (if any) on the other hand, reimbursement amounts in respect of Advances and Servicing Fees on a loan-by-loan basis with respect to each Mortgage Loan as shall be allocated on a “first-in, first-out” basis (such that Advances of a particular type and Servicing Fees that were disbursed first in time will be reimbursed prior to Advances of the same type or Servicing Fees with respect to the same Mortgage Loan that were disbursed later in time), (f) provide that any rights of set-off that the trust fund, the trustee, the master servicer or any other Person might have against such servicer under the related securitization trust document shall not attach to any rights to receive Advances and Servicing Fees that have been sold, transferred or pledged to an Advance Financing Person under a servicer advance facility and (g) provide that the sections of such Servicing Agreement that authorize the servicer to...